I think I have lost my mind! But I can't help it, I see potential. Maybe

I have an opportunity to purchase a small MHP in a rural NC town. This MHP has been neglected for a long time. The entrance into the park is terrible. It is like driving through 15 pot holes the size of a small kiddie pool. My issue with this park is not the clean up but the current tenants. Noone out of the 6 lot renters and 1 MH renter have paid rent in the past 6 months. From just talking to the tenants they haven’t seen the MHP owner in over a year and the park manager apparently turned off the park water by not paying the power bill because noone would pay.
There are also 3 unlivable mobile homes that appear to be repairable at about $3500 - $5000 each. There is also 1 abandoned mobile home > 8 months and 4 empty lots. If the above is not enough this is my issues with the park.

  1. One of the lot renters is responsible for the 3 unlivable mobile homes being unlivable. He has removed doors and HVAC units. He also has the nicest mobile home and cleanest lot in the whole park. lol

  2. Two of the lot renters are the product of subletting, even though the less that was signed by the person who rented these people the mobile homes clearly stated no subletting. Owner did not enforce the failure to abide by the signed lease agreement.

  3. The Abandoned mobile home (Person may be incarcerated). Can I possibly get a title for this home and fix it #1 stripped this home also.

  4. The cost to evict on a mass scale is costly.

  5. I am still waiting for the current owner to find the titles to the 4 mobile homes.

The owner has agreed to sell this park for $16,000 and I would pay back taxes in the amount of $5400.
As I said before there are 15 lots and the park is 8 acres with opportunity to add additional lot (not sure how many yet). Well water and septic tanks. Anyone else see the possible potential? Or am I nuts.

I am new to this. However I would say it depends on the location of your park and possibilities of attracting good paying tenants. You will have to set clear rules with your current ines and this might involve involving an attorney to create leases and hold them accountable to the lease. I am not sure if you can create these documents during the due diligence and have them sign. You need to check about the politics in the county and the degree of support you will have from the local authorities, philosophy about evictions, etc. Also it would depend on you having some financial resources to invest on the park to bring it up to speed.

Did you move forward on this deal? If so, how is it going, if not, what turned you away?